Bitcoin Forum

Everyone know that the future of economy of the world is connected with digital currency, So the Banks are issuing their own digital currencies and this trend is increasing day by day. Will Digital currency of Banks can replace the Bitcoin? What do you think about it? Share your opinions

Fiat money is in digital form already and most of the transactions are happening online in these days so being digital is not the problem it is under control of banks or government made the idea in which we need something which is uncontrollable,not hackable and completely transparent while the sender and receiver doesn't need any personal information to be shared.

The stronger the bank, the more useful the created coin. But, in fact, all this is like short-time enthusiasm. Think about it, each bank creates its own money. Besides this money, the bank should establish the places where it can be used. That's why, I believe that there will be a more reasonable solution in the future.

They wont replace "The Bitcoin" haha, but they, i fear, WILL go against its mass adoption
i hate that the banks spent the last 10 years condemning this as an investment that could have changed ALL their customers lives for the better
Meanwhile they have been moving their services to the tech to make themselves look good, crazy patents they have registered for years now with blockchain :/

No, a bank's digital currency will not be able to replace the position of bitcoin because bitcoin is already in the digital market.
If the digital currency of the bank is locked, it will continue to be controlled by the government so that prices can be controlled and will not reach a high level.

My answer is an unequivocally NO unless they can make a cryptocurrency that is even more decentralized by Bitcoin and they have no control over supply and therefore no power to track the spending habits of its users. But  I don't see why banks would spend any resources towards something like this so.. yeah.. in my vision no bank is able to create something even close to Bitcoin as value for the people.

A lot of people in the crypto sphere like to correlate the banking system blockchain to bitcoin and i see no comparison.

Any bank digital currency has little or no chances of competing with bitcoin on the crypto sphere.

When you talk about replacement, i feel it can't happen, instead such digital currencies will co-exist with bitcoin and offer solutions in their own way.

For example, a banking digital currency will function properly and correctly within the rights and number of the people involved in the banks or country, that perhaps is my opinion

Its imposible for sure bank can add bitcoin to their currency
But bank can use blockchain , I think now they have started developing it to be implemented in their local banks.

each have its own category and userbase, comparing decentralized coin such as bitcoin and any centralized digital currency issued by bank in term of market share is like comparing apple to orange, it's more suitable if you compare these bank issued digital currency with USDT or that sort of stablecoins which are issued by centralized organization as well.

The bank's digital currency cannot be sure to replace bitcoin because they are actually amazed by a technology called blockchain and if they feel released a digital currency is only to compete or support bitcoin for the future

iam never imagine that's, today some local and international Bank using IBM service to implementaion blokchcian transaction in private blockchain, to handle any daily transaction, but they not use "new coin or create new altcoin" , they just use a blockchain technology to minimize the "fee opearaion" transaction. so i dont think bank will focus at crypto and bitcoin still be number 1 cryptocurrency

No, the digital currency of banks cannot replace bitcoin. The digital currency of banks is a digitized common currency of states, that is, national stable coins. Stable state coins perform the same function as their regular currency. They cannot make a profit to their owners, as a decentralized cryptocurrency does. These are completely different directions in cryptocurrency, stable state coins do not belong to decentralized cryptocurrency and perform completely different tasks.

I dont think so. bank will issue digital currency but it will function to replace the existing traditional paper money that said to be obsolete and instead of replacing crypto which deemed to be difficult, they would enforce the use of digital currency to replace or digitalize their own existing asset of currencies or gold. cryptocurrency, I assume will be safe from these digital currency.

No.  Digital currency from banks may be better for legal issues, but it cannot defeat privacy, uniqueness, technology, and market capacity that is formed from the uniqueness of bitcoin itself.  Moreover, the bank is centralized, while BTC is decentralized, so this is the exact opposite.

It is true.  crypto enthusiasts will definitely prefer XRP, which is decentralized.

Probably not. If banks are issuing their own digital currency then it will also be a fiat currency only in virtual money, so it is impossible for bitcoin to be replaced because bitcoin is still unique and valuable to the digital currency that is created by banks, and bitcoin is decentralized that no one can control it.

that is exactly the main difference of bitcoin and the digital currency created by banks. they still have the full control as it is centralized. whereas, bitcoin is decentralized and you, as the owner, can have the full control of it. if you value your privacy, bitcoin will still be your choice. though at some point, you will need the use of their digital currency, but at least you know already how to deal with crypto. so bottomline, bitcoin can't be replaced by their currencies.

Replace?
What do you think first of "replacing BTC?" Its value? Utility? Or?
If even banks create their own digital currency, they will make the centralized one, for, they are still under control of the government and also centralized in the system. However, it is different with BTC, it is decentralized. Is the bank able to make a better-decentralized coin like BTC? And make it have the value as high as the BTC? I think it is very difficult. The banks may be able to have great coins, but they may be competitors, but not for replacing. And one to remember, can their fiat digital currency be used for the worldwide transaction without any issues and complicated rules. That is the point.

No it won't. Let us not forget that any bank digital currency will apply specifically to the locale its made for. For instance a Chinese digital bank currency cannot be used in the UK banks or other cou tries banks and as such it won't be able to replace Bitcoin which has a global impact in finance.

you are right they will make a centralized currency the simple example is stable token or stable coin and the bank cannot be decentralized but centralized because that is once again the blockchain is admired

That's possible, but I highly doubt that it could 'replace bitcoin' in any way. At the end of the day, they're going to make a currency that has the same price as their fiat money, so not that far from stable coin, I think. And if they does make that happen, it means that the banks will have fully control over the users and are backed up by government.
We've already seen a lot of fiat currency as a digital/virtual money. So, it's totally different with crypto currency, no? Well, we're gonna have to wait and see that ourselves whether it may or may not replace the other.

Bitcoin arises because it does not want a middleman between transactors, just senders and recipients, or sellers and buyers. And this is the bitcoin selling point.
I think bitcoin will not be replaced by banks because they have a different community. Although sometimes the bank always drops the image of bitcoin which can be considered unsafe. But in fact, banks, they are the losers and gradually make their own crypto with a centralized blockchain.

I think that bank digital currency is also fiat that are being transacted electronically either through different means including digital cards and going cashless.
So, I think is same as fiat and not same with bitcoin and might not take over bitcoin.

Are you referring to xrp? I dont think banks already set up terms of releasing some digital currency on their own. Maybe some but in our Country it's still on process of studying but there is one already on implementation but the thing is its just like a form of digital with same value as fiat. Very different on cryptocurrency which have their own value. Maybe banks using blockchain is the right term here. Cause they can use it for banking methods.

Bitcoin and digital cash transfers has different method on their system. Fiat cash has its own program that runs through special registry that is separate from blockchain being used by bitcoin. Cashless doesn't mean it's always a cryptocurrency thing, but digital currency is more faster than regular cash transfers because it needs one day to be processed.

Agree, no matter how frequent people use it as long as it under control of an authority price of it won't change. Beside bitcoin has been in this a long time before many discussion had been addressed with it, but one stands out, and still bitcoin remains at the top. If ever bitcoin would be replaced, it would be a cryptocurrency as well, and not by banks digital currency.

Digital currencies, i think there are a lot of platform already, like Paypal is digital currency wallet too right ?  ???  To replace bitcoin, it is better if each currency have their each advantage, like bitcoin still not good at payment, it is ok as long bitcoin still can be assets of investment.

Digital currency as a currency that will be blockchain based or just a regular digital currency that will be pegged with USD? If it you are talking about the latter, it does exist and it hasn't replaced bitcoin, has it? If its going to be a blockchain based currency, then still it won't. Most of the people uses bitcoin because its decentralized and gives people financial freedom. A diigtal currency created by a bank won't be having such features thus making people reluctant to use it.

they have not confirmed directly to be in crypto exchange as a whole, their use remains the same as fiat and only represents the mechanism of digital payments. The existence of government / bank digital coins is still in the same price, actually it will make many people will recognize bitcoin because it uses blockchain technology with a different system.

When it comes to such things then I always say - look at the cover of the 1988 economist magazine and think about it. If globalists want and agree with bankers and corporations, then it is obvious that the dominant cryptocurrencies to one degree or another will replace fiat money.

Digital currencies made by banks (Fiat) and Bitcoin (purely cryptocurrency) These are two distinct things that are obviously different though both digital assets and blockchain systems use. In my opinion although as powerful as any digital currency made by the bank with all its legality still will not be able to rival Bitcoin even though the price for example Bitcoin is under Fiat. Why can the original nature of the altcoin in particular this bitcoin is a different an anonymous with Fiat which there is required original data and all transactions can be recorded, both the sender and the receiving, although in Bitcoins have a fixed ledger is not Benchmark. And another important thing is that Bitcoin has already been born first in the digital market, Bitcoin is formed from a digitally and high tech code, while the Fiat is derived from the design which mimics the Bitcoin. And I think Bitcoin and other altcoins can not be replaced by digital assets that are made by banks. Indeed a product must have a minus plus its, I assume that the digital asset created by the bank will certainly not be as perfect bitcoin.

No it would not, lets compare between the two "digital currencies" start with the Banks centralized digital currency are obviously backed by stable assets and it wont fluctuate much so its a form of stable digital currency, while Bitcoin is a full pledge decentralized cryptocurrency and it will subjected to high fluctuation meaning its value can go high and low in matter of time, and because of that function Bitcoin was gaining more users and investors because of its " high risk but high returns" potentials. 

in terms of usage, I think it can. because digital currency from banks is likely to be equalized by fiat, so the price will adjust to the fiat exchange rate. and for real use cases, maybe digital currency banks will be more widely used. but in terms of investment, I think bitcoin will still be number one.

In the worried of decentralization the banks are trying to start their own currencies. They will start their coin and will formulate their rules and regulations according to the crypto currencies and a system will be started in these banks but as people love to adopt bitcoin and other coins are not better for them than bitcoin so the banks will in the last come to adopt bitcoin as they will familiar with the crypto system because of their own coin and adopting bitcoin will not be then hard for them.

The usage of digitalized fiat currency and the cryptocurrency can be different so it will be hard to compare both of them but i agree that in terms of using it in your daily life digital currency in banks can be more convenient than crypto for we don't know if the stores we go will accept cryptocurrency so in terms of usage fiat still dominates crypto but like what you have said when you want to invest then go for bitcoin. So my conclusion is it's still Digitalized fiat/ Digital currency from banks will still sits at the top for some time until most of people can habe their own devices

in this industry it will be difficult to replace bitcoin in its position and usefulness, it is possible that local people will use a lot of platforms from banks but for crypto users it would be better to use bitcoin and will remain the main coin.

In most of the countries digital growth is under progress, but this doesn't talk anything about cryptocurrency usage. The importance is being provided for cashless transactions. In particular credit/debit card transactions as well as cash transactions in the form of digital cash is being promoted. Use and promotion for cryptocurrency usage was in its very early stage, upon which replacement of banking system with bitcoin isn't possible for now.

Will not replace crypto, the banks try only to make new ways to have faster bank transfer probably to be fast as crypto transfer, but crypto will still exist even if banks make their own crypto currency who is backed by fiat money.

I don't think so. Banks create their digital currency because of they want to have currency in the cryptocurrency. And because they cannot control bitcoin or altcoin, they create a digital currency in which they can take full control of their currency. Maybe their currency will be more stable than the bitcoin or altcoin, but the price is not moving too high or too low compared to the bitcoin and altcoin. Although the banks can create their currency, it won't affect too much with bitcoin because bitcoin will still be the leader of the cryptocurrency.

it's too early to talk about comparing or beating. they are different, bitcoin is decentralized, while the bank's digital currency is centralized. both of them may have the same function, but still in their respective versions. at this time, let them provide benefits to each user.

Why would they replace it? Centralized digital currencies aren't a new thing. They are build on completely different fundamentals. Power of Bitcoin comes from the decentralization and the permissionless transactions it has because of it.

 I doubt it would change anything really, I am both using a digital bank and even tho it doesn't have its own digital currency, it literally is just a purely digital bank, so there is no money in any vault that you can go draw, there are just ATM's if you want to withdraw and even that is usually from other banks. So long story short there is really no need to worry about what you will do or you can do about the impending improvements of banking sector. Bitcoin doesn't care about what the nations or governments or even companies are willing to do against bitcoin because in reality bitcoin is simply better due to being decentralized and not being under control of one place or person.

No. Even if different banks will create their own digital currency, will you change from Bitcoin to that centralized digital currency? Because if not, then it's not a problem. If people choose to remain with Bitcoin even if there is a lot of bank issuing their own digital currency, it can't replace Bitcoin as long as we remain with Bitcoin. It's our own choice what to choose. If they aren't prohibiting Bitcoin, they can't replace bitcoin.

Yes, a bank's digital currency will not be able to replace bitcoin, even though the path is equally digital, but between the currency of the bank and bitcoin has a different value and trust in society.

no bank-made digital currency can replace bitcoin. altcoin which has sophisticated and decentralized technology can not replace bitcoin. especially digital banks that are centralized and do not yet have a community. it is impossible to beat bitcoin. I think that until the end Bitcoin will remain the king of cryptocurrency.

For now, there's no digital currency will replace Bitcoin besides, as far as I know, Fiat money is already been in the form of digital currency and seemingly it cannot replace Bitcoin. There are things that new digital currency doesn't have unlike Bitcoin and the rest of cryptocurrencies which are the volatility rate and being decentralized. What people make fond of crypto the volatility which is likely better in investment and trading. However, if they got make it volatile then they will probably have a little chance.

Yes you are right that the digital currency of banks do not have the community to adopt their currency and it will take so much time to make people understand of that currency and the publicity make take a lot of time, but looking at the bitcoin there are a lot of benefits of bitcoin which everyone want to avail, so bitcoin will always be the king.

So the question now is, does the bank's digital currency have advantages like bitcoin? Remember, that bitcoin is as popular as it is now because of its decentralization, the freedom of holding finances. Yeah, I think the bank doesn't have it and it's impossible to apply, people who are fed up with the bank will remain on the side of bitcoin because bitcoin is not regulated by anything, there are no taxes, etc.

That's gonna be a "Hard No" from me, Dawg.

First of all, the currency banks use is already digital. Most transactions in the world are digital. How often do use paper currency?

Second, banks creating currency to be verified over the blockchain is a great idea for them to prevent fraud, and it is not at all a "cryptocurrency"...it's fiat currency being transacted over a blockchain. The money supply isn't finite, the banks get more visibility into how each person is spending their money. There will be know "adoption from the market".

Don't get me wrong, banks and government SHOULD put their transaction system onto the blockchain because it would drastically speed up our payments to and from each other...but any talk of a 'new currency' is just clever marketing.

As long it's centralized and it will need our identity to make a transaction i'm sure it won't replace bitcoin, because people are using bitcoin for anonymousity even the security is not really safe but people still use it for silent transaction and that's the core reason why people use bitcoin beside for trading to make profits

Banks can and will surely launch crypto currencies against bitcoin but since they would be centralized so they cannot attract people as bitcoin does. People will still put bitcoin on priority even if they are using bank currencies. The only reason banks can go for launching their own crypto currencies will be that they want faster international transactions. Otherwise as an investment, bank currency cannot flourish.

At present, no bank cryptocurrency has been created, so we still cannot confirm anything in this market. But most likely it will never replace bitcoin because bitcoin is decentralized. Besides Bitcoin is the first cryptocurrency of this market and certainly no one can overcome it

The digital currency of banks can make the crypto currency more popular than it is currently, but i dont think it will replace bitcoin as this is the root of cryptocurrency, but you can not say anything fr sure unless the time comes

No, blockchain technology built by central banks is centralized and there is still full control. You might know why someone prefers to be free, secure, and privacy maintained. bitcoin and alt are currently resistant to censorship, safe and decentralized. that is, we can call it an asset, day after day, fluctuating prices continue to surge. one of the reasons is that for the past 10 years the community has been very large, and it is not possible to just let it die.

No, and what's more is that there's surely little to no effect in crypto especially specifying Bitcoin to it.
There were already many candidates that wanted to replace Bitcoin even inside of the collection it belongs, but Bitcoin will always stand there as it is. It is gonna continue to stick for an indefinite time.

I think not, bitcoin is still bitcoin and cannot be replaced with other currencies, including digital currencies owned by bank companies. in many cases centralized coins are only used for their transactions. while bitcoin has many functions, is decentralized and is a profitable digital currency for investment.

when central banks make crypto they definitely aim to compete in this industry, but I think the people who were in the crypto industry earlier will continue to survive. maybe our choice is to continue using decentralized crypto, rather than having to use coins from banks, basically they are looking for investors to circulate money.

Any coin controlled by banks is not currently created but we can think from now that what will it have effect on the whole crypto market. According to my observation if these coins will be created then the government will announce he complete system of that coin and with that it will spread the awareness of digital currency in every part of the country. In this way the government will play a vital role in promoting the crypto currencies in every part of the country.

Those coins backed by the state and central banks are going to be forced to the people to used the digital currency. Government will just announce something like the fiat paper we normally use ill have to be returned to the banks for the bank will replace them with digital currency. If you won't submit the paper bills you have it will have no value in the future.  You as a citizen on this country will just have to download the app created by this central bank and then you can use the app to make transactions.

All these are just an example of what the government might do. Digital currencies will not replace BTC but it will allow government to track what we are doing with out digital currencies. If we buy BTC thru it, they may know.

I think nothing can to replace BTC! because BTC - decentralisation coin and people believe in it, it like father to all cryptocurrency, BTC will be always in TOP!

this scenario will be a long way to go to happen. and right now, bitcoin can't be replace by any centralized cryptocurrency created by the government. bitcoin can be owned by anyone without the intervention of the government whereas, crypto owned by the government will need a lot more documentation before someone owns that coin. so bitcoin and this supposedly government crypto coin have different usage and benefits. it depends on the user's priorities and what suits him best for the given situation.

In the first place, what I've experienced is that, digital currencies made by banks came even before the invention of bitcoin. There is already automatic payments but just take enormous amount of time to confirm. But with today, whenever banks transitioned their currency to digital, I really do think that cryptocurrency enthusiasts are thinking of the ways to easily made these digital currency linked to crypto, meaning to say that, we could easily buy bitcoin using digital payments which is still pro cryptocurrency at all.

First and foremost, you need to understand that digital currency is just the digital presentation of physical fiat currency. And secondly, It will be very helpful if you provide the names of the  banks that have developed their own digital currencies to help others understand better and the source to this info. Finally, Bitcoin is not replaceable so far as blockchain technology exist and used. There is not blockchain technology without bitcoin.

He was thinking if digital currency will be used as a replacement for bitcoin as a payment system while we have a lot of example about how the existence the stable coin (almost the same as digital currency) didn't even bother the bitcoin market and that gives more pump to the bitcoin
I see nothing that must be worried by us. it looks like some people didn't try to understand it deeply.

I've asked myself this questions few times until I was able to find the answers myself, the fact is central banks coin are going to back each countries fiat money which means it's going to be stable coin, we already have USDT and other stablecoins, if they are good enough they should have beat bitcoin, do not forget that people wants to earn and bitcoin and unstable coins can bring profits not stable coins

Yes, that can no longer be denied because the first coin found is bitcoin, so it is very natural that bitcoin seems to be the father of other altcoins in the crypto world, because bitcoin will always be at the top level in the rankings.

Investors can't make profits from these so called central banks coins because they are stable coins, almost 99% of investors are here and investing in coins to make gains right? If you think this will be the case with central bank coins you are so damn wrong

I think not. The restriction of Bank money would make it limited in use. Not like Bitcoin where it could be used by many because of its decentralized nature. There may be high demands for digital currencies of banks but it will not overcome the demands bitcoin is having right now. Maybe in the future, but that is still far away.

First of all you may need to move this thread to bitcoin discussion board, if you just limited it to discuss about bitcoin only.

I'm sure the digital currency has been popping up in a few years ago until now, but have you see the development of bitcoin? Especially the newcomer to bitcoin or altcoin as a whole, I think there are a lot of too. We can see the price movement of bitcoin for an example, its price has been able to increase more then its all time low price i.e $3500 last year.

It is mean, although the digital currency which was made by government has been using daily but the people still have many interest to own and using bitcoin. More than that, bitcoin can be used as a tool to send money fastly espcially for sending money in different country. You can compare with fiat money maybe it need a long time for reciever to hold your money on their bank account.

The simple short answer is no.
No digital coin, stable coin, libra, proof of stake, ico, china coin, some magic new coin can do anything about bitcoin for it to happen it would have to be created before bitcoin.
Here study https://www.usinflationcalculator.com/

Yeah you're probably right.
Bitcoin will be some sort of investment option for a long time from now.
But I bet there will be more effective and useful payment tools.

I still do not know which banks have already launched their cryptocurrencies, however, if we talk about which cryptocurrency has more chances to be accepted in the world, I still refer to the news about the crypto yuan. Of course, all this is still at the level of rumors and news, but you need to understand that countries will not want to officially recognize any cryptocurrency that is already on the market. I see that most likely every country will be interested in issuing its own cryptocurrency.

I will tell you so. General owner of Sberbank. The most important bank in Russia. So his head said that with the advent of the blockchain, he does not understand why banks are needed. What do you think if such a person speaks so categorically about banks. Then we should think about it. I began to transfer my money to cryptocurrency a long time ago. Because I trust her more than banks. I know that I'm not the only one.

Banks do not use a cryptocurrency that is open but tied to fiat. What banks do in their swamp blockchain will only strengthen them. But, in fact, decentralization will come if a closed society can use its unit of value for calculation